Real Estate Owned

3 Months Ended

Mar. 31, 2019

Banking and Thrift [Abstract]

Real Estate Owned

Real Estate Owned

As discussed in Note 2, the Company obtains possession of REO as a result of foreclosures on the associated mortgage loans. The following table details activity in the Company's carrying value of REO for the three-month period ended March 31, 2019.

	Number of Properties		Carrying Value
			(In thousands)
Beginning Balance (1/1/2019)	20		$	30,778
Transfers from mortgage loans	2		299
Capital expenditures and other adjustments to cost			240
Adjustments to record at the lower of cost or fair value			(250		)
Disposals	(1	)	(64		)
Ending Balance (3/31/2019)	21		$	31,003

During the three-month period ended March 31, 2019, the Company sold one REO property, realizing a net gain (loss) of approximately $(58) thousand. Such realized gains (losses) are included in Realized gains (losses) on real estate owned, net, on the Company's Condensed Consolidated Statement of Operations. As of March 31, 2019 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. As of March 31, 2019, the Company had REO measured at fair value on a non-recurring basis of $24.1 million.